Stewart Development Co. v. Superior Court

Pursuant to Code of Civil Procedure section 409.2 the trial court granted the motion of defendants Harry S. and Bart F. Rinker for expungement of a lis pendens upon condition that the Rinkers post an undertaking in the amount of $600,000. Petitioner seeks review by petition for writ of mandate pursuant to Code of Civil Procedure section 409.4, naming the defendants below, including the Rinkers, as real parties in interest. For convenience, petitioner is referred to as buyer and Harry S. and Bart F. Rinker are referred to as sellers. All statutory references are to the Code of Civil Procedure unless otherwise specified.

Buyer’s complaint is in a single count for a specific performance of an alleged contract for the purchase and sale of real property. The property involved is approximately 23 acres of unimproved, industrially zoned land in the City of Walnut. The property is fairly level, is located on the corner of two main traffic arteries, and is across the street from a United States Post Office. The price allegedly agreed upon was $1.68 per square foot cash.

Buyer’s purpose in entering into the alleged contract was to acquire the property for commercial development.…